University spin-out specialist Fusion IP is raising £20 million and expanding the number of universities it is helping to commercialise the results of academic research.
Fusion, which was founded by Sheffield University and is based at the university’s Bioincubator, has already notched up a series of successes for both Sheffield and Cardiff Universities.
Now it has signed memorandums of understanding (MOUs) with Nottingham and Swansea Universities and says it is aiming to work on behalf of yet more academic institutions.
Chief executive David Baynes said: “We are very pleased to announce this significant additional investment in the company, in a funding round which includes all our current institutional shareholders, as well as adding a number of new institutions.
“Combined with our new university agreements, this is clearly a significant advance for Fusion IP. Nottingham is one of the UK’s top 10 research-intensive universities, with centres of excellence in aerospace, advanced manufacturing, energy and biomedical imaging.
“We are also delighted to be expanding our operation in Wales, with the addition of Swansea University into the portfolio.”
“We remain fully committed to the commercialisation of IP that is generated out of the UK’s leading universities and believe we are now well placed to further increase our pipeline of companies and to maximize the potential returns from our increasingly mature portfolio.”
Fusion chairman Doug Liversidge added: “This is great news for the Company.
“The management team has done an excellent job in growing Fusion into one of the leading IP commercialisation companies in the UK and the proposed placing and MOU agreements cement this position.
“We look forward to continuing this growth over the coming years.”
Fusion plans to use the £20 million to invest in existing portfolio companies and new start ups at Sheffield, Nottingham, Cardiff and Swansea Universities.
It also plans to negotiate deals with other universities and will use some of the new cash as working capital.